Cra what's new for 2019

Here are some of the new features and updates for CRA (Canada Revenue Agency) for 2019:

Tax Filing

• The deadline for filing individual tax returns is April 30, 2019, for most taxpayers. However, if you or your spouse or common-law partner have self-employment income, you have until June 15, 2019, to file your return. If you're a trust, the deadline is April 30, 2019.
• The CRA introduced a new online service, "My Account", which allows individuals to view their tax information, including their tax return, notice of assessment, and notice of reassessment.

Tax Credits

• The Basic Personal Amount (BPA) has increased to $13,229 for the 2019 tax year.
• The Medical Expense Tax Credit has been expanded to include expenses related to mental health, including therapy and counseling services.
• The Children's Fitness Tax Credit has been eliminated, but the Children's Arts Tax Credit remains in place.

Tax Rates

• The federal income tax rates remain the same as in 2018, with the exception of the top marginal rate, which has increased to 33% for taxable income over $210,371.
• The Quebec government has introduced a new tax bracket, with a top marginal rate of 25.75% for taxable income over $210,371.

Other Changes

• The CRA has introduced a new online service, "My Payment", which allows individuals to make payments online using their credit card, debit card, or bank account.
• The CRA has also introduced a new online service, "My Business Account", which allows businesses to view their tax information, including their tax return, notice of assessment, and notice of reassessment.
• The CRA has increased the maximum amount that can be claimed for the Home Buyers' Plan (HBP) to $35,000.
• The CRA has introduced a new tax credit for individuals who are 65 years of age or older and have a net income of $38,000 or less.

Other Notable Changes

• The CRA has introduced a new penalty for individuals who fail to file their tax return on time. The penalty is $25 per month, up to a maximum of $100.
• The CRA has also introduced a new penalty for individuals who fail to pay their taxes on time. The penalty is 5% of the outstanding amount, plus 1% per month, up to a maximum of 12 months.

Please note that these are just some of the changes and updates for 2019, and it's always a good idea to consult with a tax professional or the CRA website for more information.